Growing Digital Revenue for Record Labels
Topic: Copyright Infringement
Source: Value Gap or Growth? How Digital Music Boosts Music Industry Growth
Sub type: Growth of digital music revenues
In April 2019, International Federation of the Phonographic Industry (IFPI), which represents the recording industry worldwide, published its Global Music Report 2019 which includes its revenue figures for 2018. IFPI data shows a global revenue growth of 9.7% with a 32.9% increase in paid streaming revenues and 34% of growth in overall streaming revenue.These figures look quite different from the “value gap” the music industry is allegedly experiencing. The efficiency gains of the digitisation of music result in increased consumer welfare and revenues for record labels — a textbook illustration of a healthy, competitive market.